Energy Bill welcomed
Published: 28 May, 2015
At the State Opening of Parliament HM the Queen outlined the Government’s forthcoming policies and proposed legislation. Importantly it included an Energy Bill as part of the 2015–2016 parliamentary legislative session.
This Bill will formally establish the Oil & Gas Authority (OGA) as an independent, government company (GovCo). The OGA is a critical catalyst for the work being done to sustain offshore activity. Oil & Gas UK’s chief executive, Deirdre Michie, commented on the announcement: “We look forward to receiving further details of this new legislation when the Bill is published, that will complete the implementation of Sir Ian Wood’s recommendations for MER UK - Maximising Economic Recovery from the UK continental shelf, in addition to providing the full set of tools and capabilities that the new regulator will need to do this job effectively and efficiently. We hope Government will bring forward this legislation as soon as possible.”
Michie added that this welcome news comes at a time when the industry is at a critical stage in the history of UK offshore oil and gas development and bold steps need to be taken now to ensure strong activity continues into the future.
Oil & Gas UK says it is dedicated to continuing its engagement with the OGA and HM Treasury, forming a tripartite approach to maximising economic recovery of the UK’s substantial remaining oil and gas reserves, as recommended in the Wood Report and agreed by all major parties.
